More often than not, when I talk to people about budgets and budgeting, they are surprised to hear that I follow both a business and personal budget to manage my family’s money. This is usually followed by comments like “that would never work for me”, “it takes too much time”, “I don’t want to be limited”.

But, after I explain to them what a budget means to me and my family, why we have a budget, and what our budget allows us to accomplish their views often change and they start to ask questions.

In this video I share my (more in depth) definition of a budget and break my budget definition down and explain the core elements.[Read more…]